A major insider and former MD of Seplat Petroleum Austin Avuru, has transferred 19,760,794 ordinary shares held by Platform Petroleum Limited (an entity in which Mr. Austin Avuru has an equity interest) to various beneficiaries who are Shareholders of Platform Petroleum Limited and they are therefore no longer considered to be connected persons.
Amongst these beneficiaries, Professional Support Limited (an entity wholly controlled by Mr. Avuru), received a total of 7,422,770 ordinary shares.
Following these transfers, Platform Petroleum now holds 318,738 shares (0.05%), and Professional Support holds 48,649,952 shares (8.26%) of Seplat’s Issued Share Capital of 588,444,561. Consequently, Avuru now holds nil direct interest and an indirect interest of 48,968,690 ordinary shares (8.32%) of N0.50k in Seplat.
Sources tell MoneyCentral Avuru may be doing this for tax purposes or to reduce direct ownership in Seplat for liability purposes.